UAE to diversify 10% of foreign currency reserves

Published June 27th, 2006 - 14:50 GMT

The UAE is likely to diversify 10% of its foreign currency reserves into euros in September, Sultan Nasser Al Suwaidi, governor said. The governor has added that central bank would shift about 10% of UAE's US$ 24 billion reserves into euros. Some 98% of UAE's reserves are now held in dollar. In recent times, the central banks of UAE, Qatar, Bahrain, Kuwait and Oman have been considering swapping their dollar reserves for euros and other tradable currencies.